There should be policy reset at the CBN – Economists
Article summary Economists the CBN should consider policy reset to unify the country’s currency exchange rate If the policies are clear and open the dollars will flow in For manufacturers.…
Strong US dollar hurts naira despite efforts unifying exchange rate
Article Summary Nigerian Naira faces pressure from the strong US dollar. US Federal Reserve hints at another interest rate hike in June. Debt ceiling suspension boosts the US dollar. The…
CBN refutes devaluation rumors, denies naira devalued to N631/$1
Article Summary The Central Bank of Nigeria has denied reports claiming that it has devalued the naira to N631/$1 The apex bank said the exchange rate at the Investors’ &…
Breaking: Naira sinks dollar on Binance trades at N712/$
The Naira rose against the dollar in the peer-to-peer trading market after reports that CBN official exchange had fallen from 461.6 Naira to 631 Naira against the dollar it was…
Why President Tinubu’s plan to unify the naira will be a long, arduous process
Article Summary Economic experts have emphasized that the unification of Nigeria’s exchange rate will require a strategic and gradual approach, considering the challenges and potential market distortions. The economists, however,…
Naira gains N20/$ on Binance within a week as USDT reacts to Tinubu’s economic reforms
Article Summary Naira strengthens: The Nigerian Naira gained one Naira against the US dollar, settling at 758 Naira/dollar compared to the previous week’s rate of 778 Naira/dollar. Declining stablecoin market:…
Inauguration: Tinubu promises to revisit CBN’s naira redesign policy
Article summary President Tinubu said he will review the naira redesign policy of the CBN. This may see the old naira notes remaining legal tender for a longer time than…
Exchange rate sells for a staggering N632/$1 at official NAFEX market
Article Summary The Naira recorded a significant depreciation across several markets, with the Nigerian Autonomous Foreign Exchange (NAFEX) closing at N464.51/$1, and the black market rate dropping to N780/$1. A…
BREAKING: Exchange rate falls to N765/$1 at black market as change of government nears
Key highlights The Nigerian naira has reached a new low of N765/$1 at the parallel market, representing a 1.33% depreciation from the beginning of the week. Demand for dollars continues…
Why the naira is likely to be stronger in the black market after May 29
Article Summary President-elect Tinubu plans to reform Nigeria’s naira system, focusing on fiscal, monetary, and trade issues. The official exchange rate is expected to gradually decline, potentially increasing the value…